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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/06/2011
Entire Document
 
Table of Contents

FANNIE MAE
(In conservatorship)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(UNAUDITED)
 
with embedded derivatives is recorded in our condensed consolidated balance sheets at fair value on a recurring basis.
 
Nonrecurring Changes in Fair Value
 
The following tables display assets and liabilities measured in our condensed consolidated balance sheets at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when we evaluate for impairment), and the gains or losses recognized for these assets and liabilities for the three months ended March 31, 2011 and 2010 as a result of fair value measurements.
 
                                         
          For the Three
 
    Fair Value Measurements
    Months Ended
 
    For the Three Months Ended March 31, 2011     March 31, 2011  
    Quoted
                         
    Prices in
                         
    Active
    Significant
                   
    Markets for
    Other
    Significant
             
    Identical
    Observable
    Unobservable
    Estimated
       
    Assets
    Inputs
    Inputs
    Fair
    Total
 
    (Level 1)     (Level 2)     (Level 3)     Value     Losses  
    (Dollars in millions)  
 
Assets:
                                       
Mortgage loans held for sale, at lower of cost or fair value
  $     $ 89     $ 131     $ 220     $ (5 )
Single-family mortgage loans held for investment, at amortized cost:
                                       
Of Fannie Mae
                27,265       27,265 (3)     (1,014 )
Of consolidated trusts
                633       633 (3)     (80 )
Multifamily mortgage loans held for investment, at amortized cost:
                                       
Of Fannie Mae
                1,028       1,028 (3)     (80 )
Acquired property, net:
                                       
Single-family
                12,114       12,114 (4)     (811 )
Multifamily
                93       93 (4)     (16 )
Other assets
                1,402       1,402       (30 )
                                         
Total assets at fair value
  $     $ 89     $ 42,666     $ 42,755     $ (2,036 )
                                         


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